Take advantage of the aging demographics

We all know that the boomers are aging and the number of people over 50 will skyrocket over the near and intermediate term. Under prior forms of wisdom, these people will become obsolete and retire from the workplace. NOT! First of all the boomers have redefined every life phase they have entered and the aging period will be no different. Retirement won’t and cannot be about stopping working and sitting on the porch to read books or to play golf. Retirement will be about continuing to be vibrant and potentially continue in the workforce.Retirement will be about financial and career independence. Oh and with the recent market bust and the uncertainty of the Social Security system, these workers will need to work more years. But will employers agree? Employers won’t be able to replace the brain drain caused by an exit of the boomers from the workforce. Ready replacements aren’t going to be there.

The confluence of factors requires employers to rethink how they utilize aging workers. They cannot simply discard or even let them escape. Creative solutions like flexible scheduling, independent contracting, and courting free agents become necessary. Incorporating these resources in an overall workforce plan becomes a critical success factor for businesses. There are lots of ways to make it happen.

Maturing workers also have a responsibility to get themselves ready. They need a plan which incorporates career, knowledge, and finances. They must stay current—in business practices and technology. They must be willing to accept a new definition of how they contribute to business success. And they must stay flexible—something older people aren’t especially known to be. But these are a new breed of older worker, an aging boomer.

For companies, finding the formula will result in a clear return on investment—lower recruiting, training, and onboarding costs and a focus on driving successful behaviors. In fact costs will be easier to be matched to workflow. They will need to create new jobs and help aging workers in their efforts to stay current. Mixing experienced employees with the fresh ideas and innovation of the younger workers will ensure success. And create a new culture of team and “can-do” attitude. Is this new form of talent management about being rah, rah and nice? No, it’s about bottom line results and sustainable profitability. It is about creating a foundation for perpetual building. It’s about continuity. And in the end it’s about business necessity and global competitiveness.